Real Estate 306 Exam 1; Questions and Answers 100% Correct
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Module
Real Estate 306
Institution
Real Estate 306
Real Estate 306 Exam 1; Questions and
Answers 100% Correct
property Correct answer-refers to anything that can be owned or possessed
Land Correct answer-may include more than the earth, may also include improvements
to the land
Raw land Correct answer-large land area with no improvements
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Real Estate 306 Exam 1; Questions and
Answers 100% Correct
property Correct answer-refers to anything that can be owned or possessed
Land Correct answer-may include more than the earth, may also include improvements
to the land
Raw land Correct answer-large land area with no improvements
personal property Correct answer-things that are movable & not permanently affixed to
the land
Ownership rights Correct answer-Real estate provides people with this "bundle of rights"
- Rights to:
Use/Occupy
Sell
Lease
Give away
Do all or none
"real property" vs. real estate
security
privacy
location
, Real Estate 306 Exam 1; Questions and
Answers 100% Correct
User markets Correct answer-characterized by competition among users for physical
locations and space
CApital markets Correct answer-Serve to allocate financial resources among households
& firms requiring funds
Property markets Correct answer-Determine the required property-specific investment
returns, property values, capitalization rates & construction feasibility
Capitalization rate Correct answer-The ratio of a property's annual net income to its value
- fundamental measure used in Real estate
Capitalization rate equation Correct answer-= Net operating income Yr. 1 / total value of
property
Fee simple estate Correct answer-- Implies absolute ownership (all sticks in the bundle)
limited by taxation, eminent domain, police powers, escheat
Easements Correct answer-Right to use land for specific/ limited purpose
appurtenant: Correct answer-dominant - benefits from easement
, Real Estate 306 Exam 1; Questions and
Answers 100% Correct
servient - constrained/limited by easement
Affirmative easement: Correct answer-Gives dominant parcel some intrusive use of
servient parcel
- driveway or access right of way
- Sewer line
- Drainage
- Common Wall
Negative easement: Correct answer-allows no instrusion onto servient parcel
- Light & air easement
- Scenic easement
In gross easement: Correct answer-Right to use land unrelated to parcels, only servient,
no dominant involved
- lay pipeline, powerline
- run irrigation ditch
- billboard
- harvest timber
* transferrable from land title *
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